Today is the deadline for communicating the accession of Spanish financial institutions to the agreement agreed with the Government to help in the payment of mortgages to the middle classes, which is added to the one agreed for the weakest families. To find out the list of banks that have joined, it will be necessary to wait for the first days of 2023.
The BOE has already disclosed the banks that have joined the agreed measures for vulnerable households, an agreement that was an extension of the 2012 code of practice and to which the near majority of banks have adhered. This new code to relieve families with incomes of up to 29,400 euros per year, considered middle class and also at risk of vulnerability, will benefit those who can demonstrate an increase of at least 20% in mortgage payments and who consume more than 30 % of your income.
For all these cases, which would amount to over 750,000, the financial companies must offer the possibility of blocking the installment for 12 months, as well as a lower interest rate on the deferred principal and an extension of the loan term up to 7 years.
It was also agreed to further reduce expenses and commissions to facilitate the transition from floating to fixed rate and to eliminate commissions for early repayment and mortgage transition from floating to fixed rate for the whole of 2023.
More than one million families will be able to access the measures launched by the government on 22 November, which means that one in three families with variable rate mortgages and therefore affected by the rise in the Euribor could see a reduction in their financial burden.
The measures improve, on the one hand, the treatment of the most vulnerable families, around 350,000, but also open up a new temporary intervention framework for over 750,000 middle-class families “at risk of vulnerability”. Improvements are also being made to facilitate the early amortization of loans and the conversion of fixed-rate mortgages.
